| Lease Contract that conveys the right to use property for a period of time in return for a consideration, usually rent, paid to the property owner. |
| Lease-purchase option Opportunity to purchase a piece of property by renting for a specified period, with the provision that the lessee may choose to buy after or during the leasing period at a predetermined sale price. |
| Lessee Someone who rents under a lease; the tenant. |
| Lessor Someone who rents to another party through a lease; the landlord. |
| License A privilege or right granted to a person by a state to operate as a real estate broker or salesperson. |
| Lien A debt on a property which encumbers it until the obligation is paid; a mortgage, back taxes, or other claim. |
| Listing Contract used for hiring a real estate agent to sell a piece of property. Also a piece of property that is for sale. |
| Loan origination fee Paid by the borrower to get a loan; it covers expenses incurred by the lender, such as the cost of the appraisal, credit report, title search, etc. |
| Loan servicing Task of collecting monthly payments, handling insurance and tax impounds, delinquencies, early payoffs, and mortgage releases. |
| Loan-to-value ratio Relationship of a mortgage loan to the appraised value of a piece of property. Usually expressed to the buyer in terms of how much the lender will lend, i.e. – 75 percent financing. |